ipl-logo

Credit Unions Executive Summary

772 Words4 Pages

Analysis
Credit Unions are faced with a very competitive market. The barriers to credit union growth range from restricted field of membership requirements, regulations on operations, and fierce competition from competitors in the market (Barrier, 2010). The credit union industry is changing and mergers and acquisitions are more common every day. Mergers and acquisitions do have some negative impacts on credit unions and the economy, such as job layoffs and reduced employment opportunities, particularly in middle management and upper-level management (Baker, 2016). There are also many advantages for credit unions when involved in merger and acquisitions. Mergers amongst credit unions give the credit union the ability to diversify their …show more content…

Lending, which has been a core product for credit unions, is becoming more competitive as additional lenders are entering the market. As new competitors enter the market, they continue to improve in their processes and threaten to take over some of the credit union market space (Strozniak, 2015). Consumers, particularly Millennials and Generation Z, are looking for more convenient was to do their banking (Strozniak, 2015). They are looking for alternate ways to check balances, make deposits, and make payments. Today is the day of the Smartphone, but new technologies continue to emerge and will continue to do so over the decades to come. The payment market has changed considerably as well. The days of cash, is being challenged, as new payment technologies are evolving. Today we are faced with chip technology and payments such as Apple Pay, Samsung Pay, Android Pay. Credit union members are looking to take advantage of these new payment options and technologies (Sauer, …show more content…

Consumers want a better digital banking experience. Consumers crave certain requirements from digital channels; they want to monitor all accounts in one place, anywhere at any time, move money when they want and how they want, security, they want it easy and it to work every time, and they want to view and do (action it) (MX, 2016). There is a strong link between customer (member) satisfaction and trust; trust is key in mobile banking (Zilker, 2015). It is estimated that 38% of customers will reduce the amount they bank somewhere due to a poor digital experience (MX, 2016). Keeping an eye on technology will be key for credit unions of the

Show More
Related

Explain Why Credit Unions Are Not-For-Profit Financial Cooperatives

776 Words | 4 Pages

This includes, health and dental coverage, life insurance coverage, short-term and long-term disability insurance as well as a defined retirement plan which is 100% funded by their employer. This is just a small portion of what the MCU offers to its members and it continues to grow bigger each day. With a supervisory committee of five members, a board of directors filled with thirteen members with the executive manager, the MCU has been the largest it’s ever been with an amazing staff that do the best they possibly can to help people within and outside of their union. Also, if I were to have my own credit union, I would want to implement the use of social media to help my union grow larger and overall more

Read More

Metrowest Case Study

1303 Words | 6 Pages

Credit union is well recognized by major financial advisors and by the community. The market is open to explore new options. Credit Union being non for profit gives the members a sense of ownership and peace of

Read More

Riverside Credit Union Essay

1095 Words | 5 Pages

Cross-selling: Credit unions can increase customer happiness and profitability by cross-selling additional products and services by having a thorough awareness of the financial requirements and preferences of each customer segment. 2) What products / services would you think about promoting? A detailed examination of Riverside Credit Union's consumer categories, market trends, and competitive environment would be required to decide which goods and services should be promoted. These potential goods and services could be promoted as a result of this analysis, including: 1) Savings and checking accounts: Savings and checking accounts are the main deposit products that the majority of credit unions provide, and they are crucial for luring and keeping customers.

Read More

Lending Club Financial Analysis

1177 Words | 5 Pages

4In today’s market, savers are getting peanuts for returns and borrowers are paying double-digit interest rates on credit cards, if they're lucky enough to get them. There must be a better way, right? The FinTech industry is revolutionizing how we think about money, bringing together people who have money and people who need money on an online platform The FinTech industry introduced peer to peer lending, also known as P2P, as a method of debt financing that allows individuals to lend and borrow money without using an official bank as an intermediary. Lending Club is the most significant player in the game with 45% market share in the US, allowing consumers and small business owners to lower their cost of credit and enjoy a better experience

Read More

Affordable Financial Service Executive Summary

3757 Words | 16 Pages

Executive Summary Initially, Affordable Financial Service, LLC is a home based business to keep overhead costs low while in the startup phase. We are an accounting firm offering traditional accounting services and business consulting, as well as tax preparations and investment strategies. While building our reputation is important, my main focus is client satisfaction. Affordable Financial Service, LLC serves the accounting and financial needs of businesses and individuals to enable them to realize their financial goals and have peace of mind.

Read More

The Pros And Cons Of Branding Credit Unions

1008 Words | 5 Pages

Millennials will seek good service and personal attention from their financial institution, but they will stay where it is most convenient. They are looking for the closest branches, numerous ATM’s, low rates, modern platforms, and easy to use applications. While credit union’s offer many of these services, whether individually or through cooperative networking, brand awareness has not been effectively communicated by the movement. Because of this, credit unions are facing greater struggles targeting the millennials, as well as future

Read More

Wells Fargo Financial Analysis

864 Words | 4 Pages

Purpose The Purpose of this report is to identify possible investment opportunities for Wells Fargo, to give an analysis report of the financial data, and other types of information and recommendations. This report shows the analysis of Wells Fargo's exposure to various sub-sectors and other financial information that helps the company grow as a whole. The reason we chose Wells Fargo was because of its rapid growth in the community and its overall perseverance since 1918 when Wells Fargo was just left with one bank in San Francisco when the Federal Government took over the nations express network. History and Background

Read More

Connection Credit Union Case Study

629 Words | 3 Pages

The largest credit unions perform much better than the smaller ones iv. Smaller credit unions tend to have more non-interest expenses compare to the larger ones and they often struggle to offer better interest rates compare to their larger peers. Furthermore, the primary mission and vision of the credit unions to serve a specific community as a financial institution which is particularly different from any traditional bank. The market and financial growth for any business is a very desirable long-term goal, but Credit Unions need to maintain a certain growth factor, so it does not get compared with a traditional bank functioning the local

Read More

How Does Bank Of America Have An Increase In Economic Growth

689 Words | 3 Pages

An increase in economic growth itself will cause Bank of America, along with other international banks, to grow. An increase in both local and international entrepreneurship will also benefit the company because entrepreneurs will need a lump sum of money to be able to start a business and getting loans is one of the ways they can obtain that money. Bank of America has been known to merge with other known banks and companies. The majority of mergers and acquisitions are done to improve both the profit and productivity of a certain company; like any industry, one of the main objectives of a company is to reduce expenses, and for the most part, merging is an efficient way to cut costs. “Banks, in part as a response to the weakened performance,

Read More

Annotated Collaborative Research

1119 Words | 5 Pages

The banking industry is experiencing a significant transformation due to changes in customer needs, activities, behavior, and knowledge caused by the development of technology. Many graduates want to work in the banks; however, not everyone perceives the ways technology changes our banks in our modern society. It is exigent to research the impact of technology on the banking industry to make the audience, especially graduates who will work in the banking industry, understand how technology has affected every part of banking from the way banks operate to how customers access different banking services. The purpose of this paper is to provide our audience with an expansive review of relevant literature, aiming to illustrate the meaningful effects

Read More

Taking A Look At Starbucks Canada

454 Words | 2 Pages

The concept of mobile payment landscape in 2013 was a very hard for customers and merchants to grasp because there weren’t many people in that industry. A lot of mobile payment companies were preset, but had their ups and downs and none of them were market dominant. With no one really dominating the market and tried to expand this into different industries, managers as such didn’t think whether customers would pay with their mobile phones. But there was need to make the payment process simple and convenient for customer. Starbucks was confronted with picking between three types of mobile solutions: Banks: Where retailers accept payments by debiting funds directly from their customer’s debit or credit card.

Read More

Bank Of America Economic Environment

1200 Words | 5 Pages

In April and May 2014, Bank of America sold two dozen branches in Michigan to Huntington Bancshares. (Huntington, 2015). The economic environment at the time caused some of Bank of America’s customers to locate another location for banking. As part of the company’s new strategy, Bank of America began strong focus on growing its mobile banking platform. “As of 2014, Bank of America has 31 million active online users and 16 million mobile users” (Bank of America, para. 6, 2015).

Read More

Financial Institutions Vs Credit Union Essay

614 Words | 3 Pages

A financial institution is a for profit organization, while a credit union is not-for-profit. As not-for-profit organizations, credit unions pay no state or federal income taxes, an advantage that helps make possible to offer favorable interest rates and charge fewer and cheaper fees to members. Financial institution being for profit organization allows profits to be returned as earnings to their stockholders, receiving their income through the institution's customers. In order to serve the stockholders’ interest, financial institutions charge higher interest and fees in order to drive higher profits for the stockholder. Since the credit union isn't out to turn a profit, it can return its earnings to the members in the form of higher interest rates on savings products and lower interest rates on loans and credit cards.

Read More

The Pros And Cons Of Disney And Pixar

713 Words | 3 Pages

Many mergers tend to fail and many others succeed. A merger is the combining of assets and operations, usually between two similar sized companies, in an agreement to join together. Mergers can cause bankruptcy, job losses, less choices, and even a breakup. On the other hand, they have many advantages such as, increased market share, lower cost of production, and higher competitiveness. Most mergers can be highly risky but with the presence of knowledge and intuition they can be successful.

Read More

Cashless In America Essay

1225 Words | 5 Pages

America Is Yet To Lag In Digital Technology America has an idea of going cashless but fails to do because of online privacy. Though America gave life to services such as Apple pay, Google wallet, and Venmo services that makes more revenue it still seems to lag in going cashless. Online mobile payment in US technology exists in abundance hence insecurities occur. A survey has been taken which says that cash is disappearing from US circulation slowly due to several reasons.

Read More

More about Credit Unions Executive Summary

Related Topics

Open Document